And that’s a minimum of $33 million, said James G. Lane, general manager of Coca-Cola.

The project is also expected to create a minimum of 40 new jobs, he said, at a press conference in the conference room decorated with balloons and showcasing trays of existing and new products the company will produce when the expansion is finished next May.

Lane said this is the largest expansion since the plant opened at the site in 1995. “The city and the state were instrumental to make this happen.” he said.

This site was one of several the company was considering for expansion.

At the press conference, Secretary of Housing and Economic Development Gregory P. Bialecki also announced that the state is contributing $1.125 million toward the $1.5 million cost to improve and repair the Bradford Street Pump station, which is serves the plant and other customers on Industrial Drive.

The city will contribute $375,000 in municipal money which has been factored into the city the city sewer rates, said Department of Public Works director Edward S. Huntley.

Lane said the company is also building its own internal waste water treatment plant to pre-treat the waste to minimize the impact on the city.

“This is really great news for the city,” said Mayor Mary Clare Higgins. She praised the company for taking “a risk in this tough economy.”

Work on the 16,000-square-foot expansion which began about two weeks ago will allow the company to produce new product lines - such as 64 ounce cartons of Minute Maid juices, and juices in plastic containers that are packed and stored. The company currently bottles things such as vitamin water, Powerade and Fuze, products that can be stored at room temperature.

The major benefit of the project is the jobs, said Community Development Coordinator Teri A. Anderson who was praised for her work to bring the project to the city.

The project is adding about $500,000 in new growth, however that will mean about $7,000 in new property taxes with the company paying about $3,500 for the first seven year because the city is giving the expansion a Tax Increment Financing designation. That will allow the company to put the tax savings back into the project she said. The tax benefit remains for 13 years with the company increasing its payment to the city after the first seven, she said.

Lane said there could be more than 40 jobs and the actual investment could be higher than the $33 million. More details will provided later, he said.